Central economic problem

VIENNA (Reuters) - It is unclear if Germany's recent economic setbacks are a one-off or a more lasting phenomenon caused by structural problems, particularly in its car industry, European Central Bank policymaker Ewald Nowotny said in remarks published on Saturday. Struggling to adjust to new emission testing standards, Germany's car manufacturing contracted in the third quarter, dragging overall economic growth into negative territory and raising fears that Europe's five-year-old growth run may be coming to a premature end. The Bundesbank said in a monthly economic report last month that Germany's dominant car industry may take longer than previously thought to recover from a slump, weighing on growth in the euro zone's biggest economy. "The most important economic question for Europe is whether these are one-off slowdowns or whether structural factors are behind them," ECB's Governing Council member Nowotny said in an interview with Austrian newspaper Der Standard, discussing the … [Read more...] about Unclear how deep and lasting Germany’s economic problems are

Aug 13, 1:22 PM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Andreas Rinke 08/13/18 AT 12:52 PM BERLIN - German Chancellor Angela Merkel urged Turkey on Monday to ensure the independence of its central bank as other senior officials said that Turkey’s economic woes were causing great concern.The Turkish lira has lost more than 40 percent against the dollar this year, largely due to worries about President Tayyip Erdogan’s influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States.The currency pulled back from a record low to the dollar on Monday after the central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown continued to rattle global markets.“Nobody has an interest in an economic destabilization in Turkey. But everything must be done to ensure an independent central bank,” Merkel said during a … [Read more...] about Turkey Must Ensure Independence Of Central Bank: Merkel

Iranian President Hassan Rouhani’s relatively “moderate” Labor Minister Ali “Ebad” Rabiei was impeached by 129 to 243 votes on Wednesday, in what appears to be a win for the Islamic Republic’s hardliners as the nation grapples with a deepening economic problems, unemployment and a slew of sanctions Rouhani has been blamed for. “The economic section of Rouhani’s team is the weakest part of the government,” Mohammad Reza Behzadian, a former head of the chamber of commerce, said according to AFP. “Everyone knows this, but he never changed his direction because they are his allies.”111 parliamentary members reportedly voted in favor of Rabiei remaining in office.say he failed to properly manage the ministry’s affiliated companies, producing fewer jobs than expected. Unemployment has gone up to at least 12.5 percent in Iran, and the currency hit a second record low last month, surpassing 100,000 rials per one … [Read more...] about Iranian Lawmakers Impeach Rouhani’s Labor Minister amid Economic Woes

Iranian President Hassan Rouhani said Tuesday his country is in a "fight" with the U.S., a day after protesters angered by Iran's tanking economy confronted police in front of parliament.In a televised speech, Rouhani blamed the U.S. for Iran's woes and said the U.S. is trying to damage the country by creating "an economic war.""The U.S. cannot defeat our nation, our enemies are not able to get us to their knees," he said.Rouhani's comments came after thousands of protesters angered by Iran's tanking economy confronted police in front of parliament Monday. It was the first such confrontation since similar demonstrations rocked the country at the start of the year.The demonstration signaled widespread unease in the wake of President Donald Trump's decision to withdraw the U.S. from Tehran's nuclear deal with world powers and restore sanctions on the country.It wasn't immediately clear who led Monday's protests. Iran's semi-official news agencies, Fars, ISNA and Tasnim, described the … [Read more...] about President Rouhani says Iran in ‘economic fight’ with US as discontent mounts in Tehran

THOUSANDS of Central American migrants risk life and limb every year on miserable truck and train journeys to the US. Heartbreaking images show entire families from Honduras, Guatemala, Nicaragua and El Salvador clinging to the roofs of trains and packed into container trucks in the hope of a new life in America. Where are people trying to enter the USA coming from? Popular opinion would have most illegal immigrants trying to enter the USA come from Mexico, taking their chances crossing the southern border between the two countries. But this isn’t actually the case. Figures from the Pew Research Centre show that while 5.6million Mexicans were staying in the US illegally in 2016, there were 5.7m from other countries. Since 2007 the number of Mexicans illegally living in the US has been dropping from a peak of 6.9m in 2007. Illegal immigrants are increasingly coming from Central American countries – mainly Guatemala, El Salvador and Honduras as well as Nicaragua. A high … [Read more...] about How thousands of Central American migrants face miserable train, truck and road journeys in the hope of a new life in the US